Economy About Concord, North Carolina

Concord is a city located in Cabarrus County, North Carolina with a population of around 94,000 residents. It is situated northeast of Charlotte and has developed into an economic hub in the Charlotte metro region. Some key facts about Concord’s economy:

• Concord has a diverse economic base spanning manufacturing, healthcare, retail, technology, and more
• Major employers include Atrium Health, Gibson USA, Alevo USA, and Sutter Street Manufacturing
• The city has 8 business/industrial parks to support economic growth
• Concord has seen rapid population and job growth in recent decades
• The median household income is $55,833, above state and national averages
• Unemployment rate is around 3.5%, below state and national averages

This article will provide an in-depth look at the various aspects of Concord’s local economy.

Key Industries and Major Employers

Concord has a diverse economic mix spanning manufacturing, healthcare, retail, technology, finance, education and more. Some of the major industries and employers include:

Manufacturing

Manufacturing is a vital part of Concord’s economy. Major manufacturing employers include:

• Gibson USA: A leading producer of guitars and other musical instruments. Employs over 800 people in Concord.
• Alevo USA: Manufactures innovative battery technology and grid storage systems. Employs around 200 people.
• Sutter Street Manufacturing: Makes beds and other furniture products. Employs around 150 people.
• Coca-Cola Bottling Co: Operates a large bottling and distribution plant in Concord.

Many other small and mid-sized manufacturing firms call Concord home. Key industries represented include automotive, aerospace, food production, textiles, plastics and more.

Healthcare

Healthcare is another major employer in Concord:

• Atrium Health Cabarrus: Part of a large regional healthcare network. Operates a 240 bed hospital and numerous clinics employing over 1,500 people.

Other major medical employers include Northeast Medical Center, ProMedica Senior Care and Blue Ridge Healthcare. The healthcare sector provides steady, recession-proof jobs for local residents.

Retail/Service Sector

Major retail employers:

• Walmart: Operates a regional distribution center along with several Supercenter stores. Employs over 1,000 people total.
• Lowe’s Home Improvement: Headquartered in nearby Mooresville, Lowe’s operates a customer support center & regional returns warehouse in Concord.

In addition, Concord has seen an influx of restaurants, shops and entertainment venues open up to serve the growing population. This drives jobs in the restaurant, hotel, personal service and tourism sectors.

Technology & Finance

Though not a traditional tech hub, Concord has seen growth in tech jobs and facilities:

• Electrolux Home Products: Operates a 800+ employee product design & development center in Concord focusing on consumer appliances.
• UBS Financial Services: Operates a client service center employing 400+ people.

These tech and finance operations provide high-skilled, high-wage jobs. Government incentives have helped attract firms to Concord.

Infrastructure for Business

Concord has invested substantially in infrastructure, commercial sites and incentives to support economic growth:

Business Parks/Sites

• Concord Regional Airport Business Park: 1,400 acre park with air, rail and highway access. Tailored for manufacturing, aerospace and logistics firms.
• Cabarrus Business & Technology Center: Multi-use park with over 20 firms employing 1,700+ people. Includes light industrial, office and retail space.
• Greenfield Business Park: Located along I-85. Home to manufacturing, distribution and retail companies.
• Coddle Creek Business Park:Developed site approved for 1+ million sq ft of industrial and office space.

In total, Concord has over 20 million sq ft of industrial/business park space across 8 parks – with room to grow. This provides ample real estate for companies large and small.

Infrastructure

Concord’s transportation access and utilities support continued economic expansion:

• Concord Regional Airport: Owned by the city. Provides an ideal base for corporate aviation and logistics operations.
• Interstates 85 and 485: Grant rapid truck/transport access to Charlotte region and broader Southeast US markets.
• Rail Access: Norfolk Southern main rail line runs direct through city center. Enables convenient rail transport for manufacturers.
• Energy: ElectriCities provides reliable, affordable power from renewable sources to drive affordable business operations.
• Water/Sewer: Concord’s dedicated utility operations supply clean water and sewer capabilities for citizens and businesses alike.

Incentives

Concord offers attractive incentives to drive business investment:

• Tax Credits: North Carolina offers generous business tax credits and incentives for job creation, investment, R&D and more.
• Infrastructure Grants: Concord provides matching grants to extend infrastructure like water/sewer access to new facilities.
• Land Grants: Companies investing $5M+ in facilities and 100+ jobs may receive free land grants depending on investment size.
• Job Training: Customized job skills training programs available through partnerships with local colleges.

These incentives make Concord highly compelling for relocations or expansions.

Economic Outlook

Recent years have seen tremendous growth in Concord. Several positive signs point to continued prosperity:

Demographics and Job Growth Trends

• Population Growth: Concord has seen rapid growth of 29% since 2000. More people drives more consumer demand to fuel the economy.
• Job Growth: Total jobs have expanded by 22% over the past 10 years – outpacing both state and national averages. Diverse sectors like manufacturing and healthcare are rapidly adding new positions.
• Income Trends: Median household income rose rapidly from 2010 to 2020, reflecting more high-paying jobs. Higher incomes drive more spending and tax revenues.

Regional Strengths

Concord benefits greatly from the continued growth of the broader Charlotte region:

• Population and Job Inflows to Charlotte: Charlotte’s population is projected to grow by 60% by 2040 – reaching 3 million residents. Many are relocating from high-cost coastal cities to find more affordable housing. This brings talents and dollars to the entire metro area.
• Industry Diversity in Charlotte Metro: The region has diverse drivers beyond just banking – including manufacturing, logistics, emerging tech and even renewable energy. This diversity buffers the region from isolated downturns.
• Infrastructure Expansion: Massive projects underway like the CLT Airport expansion, multiple interstate widenings, the Lynx light rail system and the Charlotte-Concord commuter rail will radically improve connectivity – enhancing supply chains and access to talent for regional firms.

Concord’s adjacency to Charlotte grants it access to these positive tailwinds that show no signs of stopping. Companies located in Concord can take advantage of Charlotte’s regional strengths at lower costs for land, labor and taxes.

Local Developments

Several major projects underway will bring new companies, jobs and amenities:

• The Grounds at Concord: Massive 1,400 acre mixed-use development anchored by a state-of-the-art dragstrip racing complex. Will become a nationally renowned attraction bringing tourism dollars. Surrounding excess land enables offices, retail hotels and housing to follow.
• Hendrick Automotive Expansion: Recently built 3rd auto dealership bringing 700+ new jobs. They continue to rapidly expand operations in Cabarrus county.
• Downtown Revitalization Projects: New parks, parking decks, apartments and a conference center hotel planned help energize the historic downtown with growth in small businesses, entertainment venues and foot traffic.

Both public and private investment flowing into Concord signal businesses and residents see a bright future here.

Challenges Facing the Local Economy

While the overall outlook is quite positive, some challenges exist:

Infrastructure Constraints

Rapid growth is straining transportation infrastructure:

• Congestion Issues: Key bottlenecks exist on highways like the I-85/US-29 interchange and key local roads. Commute times have risen as population expands. Without upgrades, this may hinder access to talent and customer markets.
• Public Transit Gaps: Current bus and proposed commuter rail services lack the frequency and coverage for most to ditch cars. Making transit a viable option for employees to access jobs is critical.

Upgrading roads, intersections and expanding transit options with Charlotte will be pivotal to sustain growth by unlocking access to the region’s deep labor pools and consumer markets.

Housing Costs and Availability

Housing supply is lagging behind employment and population rises:

• Supply Shortages: Only 500 new single family homes were built in Concord in 2022 versus 800+ needed to keep pace with job and population growth. This supply crunch has driven costs up.
• Affordability Challenges: The median home price rose from $160K to over $300K since 2012 while wages failed to keep pace.Availability of affordable workforce housing is declining.

More high-density “missing middle” housing near downtown and key corridors is needed so workers can live near where businesses are adding jobs. Policies to incentivize affordable housing development will also help retain cost competitiveness.

Local Labor Force Skill Gaps

Business expansions are constrained by gaps in the local labor forces qualifications:

• Skill Shortages: With more advanced manufacturing and tech jobs coming, local worker training is not keeping pace with hiring demand for engineers, programmers, data analysts and skilled production workers.
• Educational Attainment: Only 24% of Cabarrus County residents hold college degrees versus 34% nationally. Boosting local educational outcomes is key to unlocking access to skilled labor.

Major campaigns with Rowan-Cabarrus Community College such as accelerated training programs, apprenticeships and even subsidized tuition assistance will help align the local talent pipeline to drive business growth even higher.

Conclusion

In summary, Concord’s economy is thriving today due to diverse industry growth and the regional influence of neighboring Charlotte. With proactive planning around infrastructure upgrades, housing affordability and local workforce skills training, Concord can sustain a bright economic future in the years ahead. The city offers compelling incentives, real estate and supportive policies for companies looking to expand or relocate to tap into Concord and the broader Charlotte region’s ongoing prosperity.